Direct Investments in Uzbekistan Double in First Half of the Year
Direct investments in Uzbekistan have seen a significant increase in the past six months, doubling compared to the previous year and reaching $14 billion. This positive development was highlighted by President Shavkat Mirziyoyev during a meeting with entrepreneurs in Nukus.
The surge in investments reflects a growing confidence among investors in conducting business in Uzbekistan, as stated in an update from the president’s press secretary, Sherzod Asadov. The number of private sector employees earning more than 5 million UZS has surpassed 1 million, with 370,000 of them earning over 10 million UZS.
President Mirziyoyev emphasized that this increase demonstrates that entrepreneurs in Uzbekistan are opting for legitimate business activities and healthy competition over operating in the shadows. Additionally, the number of businesses classified in the “good” categories “A” and “B” in the entrepreneurship ranking has risen by 91,000, while 170,000 businesses have been lifted out of the “worst” category “D. As a result, tax inspections have been cut in half compared to the previous year, including a threefold decrease in desk audits.
Furthermore, during this period, revenues from major taxpayers saw a 10% increase, revenues from regional enterprises rose by 25%, and taxes paid by district entrepreneurs grew by 40%. This positive trend signifies a growing economy and a more favorable business environment in Uzbekistan.
Overall, the significant increase in direct investments, coupled with the positive indicators in the private sector and entrepreneurship rankings, bodes well for the economic growth and development of Uzbekistan. Investors and entrepreneurs alike have reason to be optimistic about the future of doing business in the country.
